Bitcoin Won’t Last Says Edward Snowden

It appears that Edward Snowden also isn’t a fan of bitcoin. Edward stated that while the market lodestar will be eventually fade away, the use of cryptocurrencies will not end with bitcoin.

He was speaking in an interview with Ben Wizner who is the Director of the ACLU Speech, Privacy and Technology project. Snowden said that the belief which supports bitcoin acting as a global currency will merely transfer itself to other cryptocurrencies instead of dissipating.

Snowden compared bitcoin to paper fiat money and pointed out that the only difference between fiat and monopoly money is the belief generated by state backing, which essentially boils down to “men with guns.” In his view, while bitcoin and other blockchain-based crypto assets have a severely limited amount of fundamental value, two things, in particular, ensure that bitcoin remains viable in the near term.

“That belief is how cryptocurrencies move enormous amounts of money across the world electronically, without the involvement of banks, every single day. One day capital-B Bitcoin will be gone, but as long as there are people out there who want to be able to move money without banks, cryptocurrencies are likely to be valued.”